Question

S1-14 (similar to) E Question Help Memorex Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The following data have been assembled for the business: E (Click the icon to view the assembled data of Memorex Arrangements.) (Click the icon to view the income statement.) E (Click on the icon to view the statement of retained earnings.) Prepare the balance sheet of Memorex Arrangements as of December 31, 2018. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Assets Liabilities Stockholders' Equity

Answer 1

Memorex Arrangements
Balance Sheet
December 31, 2018
Assets		Liabilities
Cash	$7,000	Accounts payable	$9,200
Accounts receivable	$6,000	Total liabilities	$9,200
Office Supplies	$1,500	Stockholders' Equity
Equipment	$28,100	Common stock	$10,500
		Retained earnings              [Refer Statement of Retained Earnings]	$22,900
		Total stockholders' equity                             [$10,500 + $22,900]	$33,400
Total assets	$42,600	Total liabilities and Stockholders' equity [$9,200 + $33,400]	$42,600